Litecoin price makes appreciable gains as the Litecoin Core upgrade is announced
- Litecoin core is the open source software enabling the use of Litecoin (LTC).
- The moving averages are also starting to correct to the upside; the movement could see LTC/US trade above $170.
Litecoin price is trading double bottoms as the week comes to an end. The virtual currency has not been able to make any considerable gains since the price slump that took place on Wednesday. Litecoin is correcting higher as the price is consolidating close to the support level at $168.
Litecoin is struggling to stay afloat in a cryptocurrency market that is bearish. However, today seems to be a good day for the Litecoin community as the founder; Charlie Lee announced via a tweet, “we have just tagged Litecoin Core 0.16rc1. Once we have tested it enough, it will be released.”
Litecoin core is the open source software enabling the use of Litecoin (LTC). The development team at Litecoin maintains Litecoin core, but it is operated within the MIT license terms. The software was upgraded today; however, it has not been released.
Technical picture
Litecoin USD is up 2.9% in the last 24 hours, this a positive signal for a currency that has been in the red for the entire week. The price made it through the double bottom and began an upside movement. Litecoin price made a sharp upside correction at 13:00 GMT from $160 to $167 in just under 30 minutes. The moving averages are also starting to correct to the upside as seen the hourly chart. The bulls have gained a short-term control of Litecoin price, and additional correction to the upside could see Litecoin trade above $170.
LTC/USD price chart
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
